tiffany the gift from heaven

Luxury retailer Tiffany & Co. (TIF), said third-quarter earnings dropped slightly, partly because shoppers cut back on discretionary spending continued to lead the United States domestic sales decline. Tiffany jewelry
However, as the stock continued to decline and cost-cutting, the company raised its full-year profit and revenue forecast. The company said the decline in U.S. sales are slowing down, while many countries in the Asia-Pacific region and Europe, revenue better than expected. Tiffany also said that low-priced jewelry, the sales performance was better than more expensive jewelry.
As of October 31 of the quarter, Tiffany net profit fell by 1% from last year's 43.8 million U.S. dollars, 36 cents per share fell to 43.3 million U.S. dollars, 35 cents per share.

Earnings per share from continuing operations 34 cents a share, including one with a diamond purchase transactions costs related to four million U.S. dollars, as well as a 5.6 million U.S. dollars in tax revenue. Tiffany jewelry
Excluding one-time items, the company posted per-share profit of 33 cents.
Quarterly revenue fell 3% to 598 million U.S. dollars. Same-store sales fell 6%. Tiffany jewelry
Analysts surveyed by Thomson Reuters on average expect the company posted per-share profit of 24 cents on revenue of 575 million U.S. dollars. Analysts expect generally do not include one-time items. Tiffany jewelry
The third quarter, Tiffany's Americas revenue decreased by 9%, of which the New York flagship store sales fell 8%.
Asia-Pacific revenues increased 10%, Europe revenue increased by 12%.
Tiffany jewelry has been trying to cost-cutting and inventory management to partially offset weak sales. The company's selling, general and administrative expenses from 266 million a year earlier to 2.61 billion U.S. dollars, the net inventory at end of the quarter compared with a year fell 6%.
Tiffany will also be continuing operations in fiscal year 2009 earnings per share estimate from the previous 1.65-1.75 U.S. dollars raised to 1.88-1.98 dollars, and said it expects annual global revenue will fall by about 8%. Tiffany jewelry
Analysts on average expect the company's full-year earnings per share 1.77 U.S. dollars.
As of third quarter-end, Tiffany jewelry operates 215 namesake stores and boutiques, the 204 over the same period increased. The company continues to expand, and that will be planned over the next five years in mainland China to triple the number of Tiffany stores. Tiffany jewelry